Tune Token ICO Review (Rating: 4 /5 )
Tune Company is a software development and management company primarily focused on creating blockchain based technology, smart contract design and digital tokenized applications. Tune’s primary mission is to solve digital songwriter rights and royalty transparency issues for the music industry. Furthermore, the establishment of our tokenized products will enable applications the ability to offer user tipping and user/community incentivized rewards thru the sharing, creation and engagement of content as well as other features. Tune is proud to announce a licensing agreement with the TechCrunch Disrupt Cup award winning RecordGram application.
RecordGram looks to become the next disrupting force in the music industry. RecordGram’s vision is to establish itself as a decentralized mobile application that truly democratizes music collaboration and talent discovery. At the same time, it looks to provide those users who generate value on the platform, with an opportunity to get compensated for their involvement. All this is to be done by tapping into the power of blockchain technology and cryptocurrencies
THE PROBLEM
Music royalties are current incredibly complex. The Tune’s whitepaper gives an estimate total of $2.5B of uncollected music royalties, for two main reasons:
- The music industry lacks transparency, and the concentration over the past 30 years didn’t help.
- There is currently no international database for songwriter rights, which makes it hard to find the beneficiaries.
Behind this figure is two distinct realities for artists: New artists don’t have the time, network or legal knowledge to enter into contractual agreements with other actors of the industry. On the other hand, artist who signed a deal with a major label are mainly to the mercy of their label: they decide of the amount and the timing of their pay and sometimes restrict the artist’s creativity.
The very existence of this reality dampens the creativity of the industry. There might be thousands of aspiring artists that get discouraged to start their career when they learn about the current conditions of music production and distribution. Even those who are willing to fight Goliath still need capital to afford the equipment and technologies required to produce a record.
Tune’s mission is to solve two major issues harmful to the whole music industry: digital songwriter rights and royalty transparency.
To do so, Tune aims to create a distributed platform for the music community, where every participant in the music creation process is included: producers, artists, songwriters, users, and music fans. Different tokens will be used to incentive and reward and allow interactions and exchanges between the ecosystem actors.
Tune will work with the RecordGram app, that will be among the first partnerships of the project. The app is available since June 2016 and matches artists with chosen music producers to help them find quality beats for their productions.
Current Version: Currently, you can download RecordGram from the App Store or Google Play Store. Users are able to unlock beats, create songs & videos and share their content. All this done using fiat currency.
Future Version: Once blockchain technology has been implemented, users will be able to convert their TUNE Tokens into Recordgram Credits. Then use the RecordGram Credits to unlock beats, tip artists, etc. Royalty Payments will be paid using TUNE Tokens. All user generated content will be place on the blockchain and can be transparently tracked.
Website: https://www.tunetoken.io/